Core Rulebook p549 says the following:

"Note that all items have prerequisites in their descriptions. These prerequisites must be met for the item to be created. Most of the time, they take the form of spells that must be known by the item's creator (although access to another magic item or spell caster is allowed) [then don't say they must be known by the item's creator]. The DC to create a magic item increases by 5 for each prerequisite the caster does not meet [then don't say the pre-req's must be met for the item to be created]. The only exception to this is the requisite item creation feat, which is mandatory.  In addition, [then don't say the item creation feat is the only exception] you cannot create options, spell trigger, or spell completion requirements without meeting their spell prerequisites."

Advanced Players p280 says something similar, but the CRB FAQ from Feb 2013 uses the word "bypass". 

When someone tries to create a Luck Blade, and cannot cast Wish or Miracle, they take a +5 penalty to the magic item creation DC.  That part is simple, but then what happens? 

1) Does this +5 penalty "bypass" the Wish or Miracle requirement entirely, so that no one needs to provide it?

2) Does the +5 penalty correspond to getting Wish or Miracle from another source, so that the spell still needs to be provided?

3) If (2) is correct and, say, the item's creator buys Wish from a high level caster then how much time does the item's creator need to spend with the Wish-caster?  Can the high-level caster just show up, cast Wish, and leave or does he need to be present throughout the entire item creation (1 day per 1000 gp base price)?

From discussions with Mike, we agree that the +5 DC penalty allows the crafter to bypass the requirements entirely. The word "bypass" is used in the Feb 2013 CRB FAQ, which is the most recent official word on the subject.

It is noted that the magic item creation rules are so inconsistent that any interpretation of those rules will violate RAW somewhere.  Rules lawyers should note that RAW somewhere may contradict RAW elsewhere.

It is also noted that, if the +5 DC penalty allows crafters to bypass high level spells such as Wish, then crafting of super powerful items is really only limited by PC wealth and downtime.  This is OK, but adherence to the Weath By Level table is strongly encouraged.

The FAQ for the Core rulebook is here.

* Question: What crafting requirements can be bypassed by taking +5 to the DC?

Answer:  "...there are no limitations other than (1) you have to have the item creation feat, and (2) you cannot create potions, spell-trigger, or spell-completion magic items without meeting their spell prerequisites."  Part (2) is highly relevant; it means that Harry cannot create scrolls or wands for spells that he doesn't know.

* Question:  Can you take 10 on the Spellcraft check to create a magic item?

Answer: Yes.